KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has reported further progress on the financing package for its Tulu Kapi gold project in Ethiopia, saying it remains on track to complete the full funding structure this month.
The company needs $340 million to launch the mine, comprising a previously accepted US$240 million debt package and $100 million of equity-risk capital.
KEFI had already arranged $40 million of that equity component. Today’s update sets out how the remaining $60 million is being assembled.
The company has signed term sheets for $40 million of equity-ranking gold streams. These instruments allow KEFI to draw up to US$20 million immediately, with the option to access a further $20 million once due diligence is completed.
Alongside these streams, KEFI is advancing an innovative financing option tailored to Ethiopian investors. Proposals totalling $43 million for Birr-denominated redeemable preference shares are being assessed, with $23 million already at the detailed documentation stage. Management says the product is designed to support national participation while diversifying the capital structure.
A potential $50 million in-country investment from a specialist African fund also remains under active negotiation. KEFI says this sits alongside alternative proposals that could further optimise the equity component if a more attractive structure emerges.
With the $240 million debt documentation now assembled for execution, KEFI intends to finalise the entire financing package within weeks. A full project launch announcement will follow once all components have been formally completed.